So suddenly the my power button will not shut off my reader but it will still turn it on. The only way to turn off the reader now is the device shutdown in advanced settings. The problem is that when I use that it takes forever to load when it is turned back on and uses a great deal of battery in the process.

I read somewhere prob. on these boards about someone who took his 505 (I think apart) and realigned the power switch. I think the 505 is not like the 650 where the power-switch is part of the mobo so when the switch goes (which it does) the mobo goes too. Duh, Sony. Anyway, find that thread. You might be able to fix it. Or do the work around with Prs+ as Mark Nord suggests.